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Petrol Price in New Delhi (20th April 2021)

Petrol prices in New Delhi have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in New Delhi ₹ 90.40 (20th April 2021), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in New Delhi more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.

Apr 20, 2021
₹ 90.40 /Ltr

Last 10 Days Petrol Rate in New Delhi

Date Price Price Change
Apr 19, 2021 ₹ 90.40 ₹ 0.00
Apr 18, 2021 ₹ 90.40 ₹ 0.00
Apr 17, 2021 ₹ 90.40 ₹ 0.00
Apr 16, 2021 ₹ 90.40 ₹ 0.00
Apr 15, 2021 ₹ 90.40 ₹ -0.16
Apr 13, 2021 ₹ 90.56 ₹ 0.00
Apr 12, 2021 ₹ 90.56 ₹ 0.00
Apr 11, 2021 ₹ 90.56 ₹ 0.00
Apr 10, 2021 ₹ 90.56 ₹ 0.00
Apr 9, 2021 ₹ 90.56 ₹ 0.00

Daily & Monthly Petrol Price in New Delhi : Graphical Representation

Historical Petrol Price in New Delhi

  • Trend of Petrol Rate in New Delhi, April 2021
  • Petrol Price
    1st April Rs.90.56
    20th April Rs.90.40
    Highest rate in April Rs.90.56 on April 1st
    Lowest Rate in April Rs.90.40 on April 15th
    Over all performance Falling
    % Change -0.18%
  • Trend of Petrol Rate in New Delhi, March 2021
  • Trend of Petrol Rate in New Delhi, February 2021
  • Trend of Petrol Rate in New Delhi, January 2021
  • Trend of Petrol Rate in New Delhi, December 2020
  • Trend of Petrol Rate in New Delhi, November 2020
  • Trend of Petrol Rate in New Delhi, October 2020

Petrol prices in Delhi are now changing everyday, as against every 15 days before. We are providing daily petrol price rates, so you can check the same on goodreturns.in

The advantage of doing that is you know when to fill petrol and make maximum use of falling petrol prices. In any case Delhi petrol rates are much lower then some of the other cities in India. It also sets the trend for an increase or decrease in rates in various other cities of India. The rates would be largely determined by the largest oil marketing companies in India, that is Indian Oil, Bharat Petroleum and Hindustan Petroleum. You would do well to check the rates given the fact that if you fill same about 30 to 40 litres petrol you could tend to lose a lot. Now that petrol prices in Delhi have been dergulated like many other cities in the country.

How are petrol prices in Delhi determined?

Petrol rates in Delhi largely depend on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. There is also an India crude basket, which largely determines the prices of Petrol in Delhi. It is always advisable to check the petrol prices, if you are planning to fill your automobile to the brim. A small change in rates can be mean a lot when you have larger volumes of diesel or petrol to fill. Diesel prices in Delhi also more or less move in a smilar way.

Increasing trend in the last few days

Lately, we have been seeing an increasing trend of petrol prices rallying in several cities. In fact, in places like Delhi they have now hit the Rs 82 per litre mark. This has happened as international prices of crude have gone higher and there is every possibility that there could be a further increase in prices.

The government has in the past cut the excise on petrol to make-up for the huge gains seen in the prices of petrol. However, any such cuts in the excise tends to impact the government's fiscal deficit.

If the trend of an increase in Delhi prices of petrol today continues, we may soon realize that rates have now hit a three year high and this is not good news for any government.

An urgent cut in the prices of the fuel is needed to be implemented by the government at the earliest.

How petrol prices are influenced in Delhi?

Todays petrol prices in New Delhi are a result of a host of a factors that influence rates.

Among these include world prices of the fuel. At the moment Brent Crude prices are trading below $40. When these prices go higher, the India crude basket goes higher, which in turn alters the daily price of petrol in Delhi. A similar thing can be seen as far as diesel is concerned. 

It is hence a good idea to check prices of the fuel before leaving your home. For the last few days there has been a declining trend at the retail level. Once petrol and diesel prices are bought under the ambit of the Goods and Services Tax, we may see these prices declining in the coming days. In the meantime, we would have to continue to pay the desired sum and wait for a fall in todays petrol rates in New Delhi.  

 How Petrol Prices in New Delhi Today are calculated?

Fuel rates in India depend on a host of things. Petrol prices in Delhi today depend on the India crude basket, transportation costs, value added taxes and excise duty levied by the government.

The fuel costs in the city are pretty high, though they are way lesser than what Mumbai charges. The city has one of the highest value added taxes, which has pushed petrol prices higher.

In India, when excise by the government is hiked, petrol prices in Delhi tend to increase. At the moment, excise is slightly more than Rs 21. The local government also tends to tinker with the value added tax, which tends to inflate the fuel rates.

The currency also plays a big role, in pushing the price of petrol and diesel either way. If rates tend to move in one direction heavily, the government can cut or hike rates accordingly.

 Overall, it is likely that we will see sharp cuts in the prices of the fuel in the coming days. International prices have the biggest bearing and any drop in these tend to help rates cuts. Movement of the rupee against the dollar also tends to impact petrol and diesel prices accordingly.

So, for calculation of today's petrol price in Delhi one has to taken into account, excise, value added tax, India crude basket and currency movement. 

Strategies for monitoring daily petrol prices in Delhi

The recent fuel updates can easily be tracked via an SMS service or a customer care service run by state-owned oil companies including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And you can even check online by visiting the websites of any of those oil companies. Based on the methods presented below, fuel consumers of Delhi can easily confirm the latest petrol or diesel of the capital city. 

SMS Service

Type: RSPDEALER CODE and send it to 9224992249

Customer Helpline

For Indian Oil- 9224992249

Bharat Petroleum-9223112222

Hindustan Petroleum-9222201122

Or else you can also track the same through your smartphone by downloading the Fuel@IOC, Smart Drive (BPCL), and My HPCL mobile apps. 

Current VAT on petrol in Delhi

On May, 2020 VAT on petrol climbed from 27 per cent to 30%, while VAT on diesel was nearly doubled to 30% from 16.75 per cent by Delhi's government. In the face of major declines in revenue during the coronavirus shutdown, many state governments have raised VAT on fuels currently beyond the range of GST. Although gas stations have been in the category of critical assets during this COVID year, sales have declined sharply due to the closure of factories, offices and limits on vehicle travel. Sales of petrol dropped by 61 per cent and diesel fuel by 56.5 per cent in April, but as the market sees a phased opening and easing of shutdown conditions at almost all the locations, demand is expected to increase this month. While crude oil prices have dropped by more than 60%, state-run fuel marketers have not been able to slash Indian market rates due to inventory shortages and declining demand. 

Have these mobile applications to track the daily fuel price of Delhi

Petrol and diesel rates keeps changing on a regular basis and it is believed that finding the ideal fuel price is a challenge as the key problem in consumers' thoughts is how to get the correct fuel price of Delhi. After all, numerous oil and gas firms such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have leads to different methods for fuel consumers such as SMS, Mobile Apps and Customer Care support in order to stay updated with the daily petrol and diesel rates of any city across India. Fuel consumers can download such mobile apps from the default app store of their mobile phone. And this will enable Indian fuel consumers to conveniently track the perfect oil and diesel rates. 

All major metro cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Chennai and including Delhi are following Dynamic Fuel Pricing mechanism from June 2017. The petrol rates vary across states, due to state taxes and other factors. Mobile applications, however, help fuel consumers to monitor fuel prices on-the-go and one can even access current fuel rates via SMS services or by visiting the website of a particular oil provider as described above. Here are the smartphone applications that help you to keep updated from your comfort on a regular basis with the latest fuel prices. 

Fuel@IOC – IndianOil

The mobile app Fuel@IOC-Indian Oil helps Indian oil fuel consumers to easily check the fuel prices of Delhi or any other city across India from the luxury of their home or workplace. This application is compatible on both IOS and Android devices for installation. IOS users can open the App Store and access the app and Android users can do the same by launching the Google Play Store. The mobile app of Indian Oil allows users to search for latest fuel prices on the go. It is recommended to check the petrol price of Delhi or your locality before fuelling your vehicle and considering this the Fuel@IOC-Indian Oil app is your ideal partner to stay updated with the latest petrol price of Delhi anytime anywhere. So before heading to your workplace you can now check the latest fuel price of Delhi by using your mobile phone, that means the simplicity and user-friendliness is just in your palms. Use this app to grasp the ongoing fuel price trend in Delhi with ease. For both Apple and Android phones, which are the most successful operating systems, Fuel@IOC-IndianOil is free to download. In case you are not an IOS or Android user you can directly access Indian Oil's official website to track the latest petrol price of Delhi. You can easily track the existing price of petrol in Delhi or your region without abandoning your comfort by accessing the site or using Indian Oil's mobile app. 

My HPCL Mobile App

My HPCL mobile app from Hindustan Petroleum also introduces a better category to keep abreast with fuel prices for petrol pumps. The app is available at the Android, IOS and Windows platforms. The My HPCL app contains sections like Outlets & Services, My Vehicle, Alerts, customer service line, Feedback, Help & Tips and also provides access to Insurance Renewal facility (with affiliate company), DTPLUS (HPCL Loyalty Scheme for fleet owners) and HPGAS (LPG) in order to offer changing fuel costs for the fuel users of Delhi. The concept of fluctuating fuel prices, commonly referred to as # MyFuelMyDayMyPrice, is dismissed by the majority as the cost of fuels such as diesel and petrol has been pushed into the area of fluctuations. While the entire move is believed to be user centric, fuel prices is now calculated in terms of international market conditions and USD to INR price movements. Delhi's petrol consumers can conveniently search the city's new petrol prices from sitting at home. Consumers can reach the revised cost of petrol every morning with a few clicks before going to the office or filling their vehicle's tank. 

BPCL’s SmartDrive

BPCL's SmartDrive smartphone application enables customers to preserve records of fuel station transactions and also facilitates in locating nearby fuel stations. SmartDrive is designed to capture customer and vehicle details so that it can provide you with regular updates on the PUC, insurance and operation of your vehicle, which is available in both Android and IOS platforms. SmartDrive also provides information about both Petrocard and SmartFleet loyalty transactions in relation to the particulars of Delhi's fuel prices. Your ratings will allow the BPCL to best serve you and you can now cherish the enhanced facilities at SmartDrive app by submitting your valuable ratings. To share your positive expressions or frustration at each of  BPCL’s fuel stations you can now make it easy by uploading photos of the filling stations. SmartDrive has a way to build a good relationship with consumers and sponsors, and they guarantee that they can walk with you till end to be your best ideal need of fuel requirements. Admire the Bharat Petroleum drive today and install the SmartDrive app to stay tuned to Delhi's latest petrol price.  

Aspects of Petrol Price in Delhi

Petrol prices in Delhi are primarily influenced by the purchasing cost of crude oil, the exchange value, the profit of the dealer, the central excise duty, the VAT of the state government. The retail sale price of petrol will be influenced proportionately by any rise or decline in crude oil prices. The federal excise tax is the same nationwide, but the state VAT rate varies by state. As stated in the previous section, because of the lower state VAT levied on petrol in Delhi, a litre of petrol price cost you less in Delhi. Another significant factor is the exchange rate of the USD against the INR. The purchasing cost of oil will rise if the INR declines against the USD; the purchasing cost of oil will decline if the INR increases against the USD. The rate of petrol in Delhi will be affected similarly based on any highs and lows in crude oil markets.  

How Frequently Petrol Rates In Delhi Are Updated?

Like every other India city, state-run oil companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum lead the petrol sector in New Delhi. Actively, all of these oil companies are updating diesel and petrol rates on a regular basis, commonly pointed to as dynamic fuel pricing. The current pricing mechanism was adopted and enforced in mid-June 2017 by the Government of India. All filling stations of Delhi either automated or non-automated updates the price of fuel at 06:00 a.m every day. Be sure to make a track of the revised rates that each bunk will reflect. Fuel prices are rising slightly in the city at present. Since you're a retail buyer, you may not be influenced much by regular price changes. Also, a small decline or a hike will make a major impact on your billing figure if you are a buyer of petrol in higher quantities. In reality, across the country, the latest fuel pricing strategy is in action. The framework is intended to help all fuel consumers, whether they are from Delhi or from other Indian cities. Within the framework, the pricing of petrol rate is transparent.  

Why petrol rates in Delhi is high?

In the previous era, the country's fuel prices were regulated and modified every fortnight. Dynamic pricing has been implemented on current days, due to a multitude of changes in the political environment in the nation, and because of that, prices are changing every day. As we are all well informed, India's oil prices are something that both the central government and the state government impose their taxes on. This is essentially the explanation for the recent fluctuation in the price of petrol in various parts of the nation. There has been a rise in the state tax in the case of Delhi and this has subsequently affected the price of petrol in the city. The effect of the fluctuations in the global market is one of the other factors for the rapid increase in the price of petrol in Delhi. The effect of the global level, of course, is one of the other factors for the rapid increase in the price of petrol in Delhi. In Delhi, the rise in the global price of crude oil was destined to have an effect on the rate. We can only assume that Delhi may take the burden of it all, with economists expecting these prices to increase in the coming months.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Petrol Prices Constant in New Delhi

The petrol prices are constant in New Delhi despite being little changed in the international markets amidst a rampant rise in infection case.

The petrol rates in New Delhi stood at Rs 90.40 per litre.

In the international markets, Brent was seen at $66.73 per barrel, West Texas Intermediate (WTI) at $63.13 per barrel.

The mounting pandemic cases have kept the oil prices steady during Monday’s trade session as concerns sparked over the fuel demand. The surge in coronavirus cases in India and other countries across the globe has sparked demand concerns, weighing on the fuel prices.

India has reported a record rise in the newly infected cases lifting the overall tally of cases to just over 15 million making the nation, the second-worst hit next to the United States of America, which recorded over 31 million cases.

The death toll due to coronavirus in India also rose by a record 1,619 to around 180,000.

The existing situation has forced the country’s capital city – New Delhi to enter into a six-day lockdown on Monday. The capital city has joined other states across the nation as it has decided to impose stricter restrictions, curfews or lockdowns in their cities.

Apart from this, the weak dollar has also kept a tab on the growing crude rates. The U.S. dollar traded at a six-week low against a basket of rival currencies and even Treasury yields also hovered near five weeks low.

19 April 2021
Petrol Prices Unvaried in New Delhi

The petrol prices are unvaried in New Delhi despite a marginal drop in the global oil prices as it posts weekly gain amidst a recovery in demand. The petrol rates in New Delhi recorded at Rs 90.40 per litre.

In the overseas scenario, Brent was seen at $66.77 per barrel, down by 0.25%; West Texas Intermediate (WTI) at $63.13 per barrel, down by 0.52%.

The oil prices declined marginally, yet it traded near $67 per barrel on Friday, as the fuel prices headed for a weekly gain amidst an improved demand outlook following signs of economic recovery in the U.S. and China.

The dragon country reported an 18.3% year on year jump in the gross domestic product during the first quarter of 2021. This week the robust U.S. retail sales data and fall in the unemployment claims signalled signs of revival of economies, bolstering fuel demand to go up.

Meanwhile, the new U.S. sanctions imposed by the Biden led administration on Russia over alleged election interference and hacking has also lent support for crude rates.

Adding further to the rally, the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) and its allies revised the fuel demand forecast for 2021.

The U.S. inventories witnessed a sharp fall by 5.9 million barrels, based on the data released by Energy Information Administration (EIA) on Wednesday.

17 April 2021
Petrol Rates Unaltered in New Delhi

The petrol rates are unaltered in New Delhi despite witnessing a marginal rise in the global markets as oil steadies at a nearly four-week high following revival of crude demand. The petrol prices in New Delhi were seen at Rs 90.40 per litre.

In the international platform, Brent was seen at $67.07 per barrel, up by 0.19%; West Texas Intermediate (WTI) at $63.59 per barrel, up by 0.20%.

The fuel prices declined during today’s early trade session, yet it was on course for recording a weekly gain of over 6% with an improved crude demand outlook and strong economic recoveries in America and China amidst a spike in coronavirus infections.

The growing signs of economic recoveries in major economies have uplifted the mood of the oil markets. The improved fuel demand has prompted the Organization of the Petroleum Exporting Countries (OPEC) and its allies to pump in more oil to the supply markets beginning from May till July.

Analyst note that the longer the prices stay elevated, there is a likely chance for more supply to return to the markets. But the risks involved in mounting pandemic cases in places like India and Europe could eventually drive the prices to go down.

Currently, a jump in U.S. retail sales and fall in the unemployment claims and signs of more cars on the road in America has buoyed the markets. America is the world’s biggest economy.

16 April 2021
Petrol Prices Slightly Trimmed in New Delhi

The petrol prices were slightly trimmed in New Delhi following trends from the global markets as IEA raises demand forecast. The petrol rates in New Delhi were recorded at Rs 90.40 per litre, down by 16 paise.

In the international forum, Brent was spotted at $66.19 per barrel, down by 0.59%; West Texas Intermediate (WTI) at $62.70 per barrel, down by 0.71%.

The fuel prices declined on Thursday despite trading at nearly one-month highs after the oil futures jumped during the previous trade session. The International Energy Agency (IEA) and others raised the forecast for crude demand as major economies recover from the pandemic cases.

The U.S. crude inventories declined by 5.9 million barrels during last week as per the Energy Information Administration (EIA) noted on Wednesday which is more than double analyst’s expectations of a drop of 2.9 million barrels. The East Coast crude stocks hit a record low.

Meanwhile, gasoline supplied to the market during last week, an indicator of U.S. consumption of the fuel rose to touch 8.9 million barrels per day (bpd), the highest since August.

The IEA’s monthly report stated that the global crude demand and supply are set to be rebalanced during the second half of fiscal 2021 after witnessing a slump in 2020 owing to the pandemic crisis.

The oil producer group may need to pump in an additional 2 million barrels per day (bpd) of crude to meet the growing market demand in the coming days.

15 April 2021
Petrol Prices Stable in New Delhi

The petrol prices are stable in New Delhi despite a marginal rise in the global crude rates amidst renewed hopes about the revival of the global economy. The petrol rates in New Delhi recorded at Rs 90.56 per litre.

In the global forum, Brent was seen at $64.74 per barrel, up by 1.68%; West Texas Intermediate (WTI) at $61.20 per barrel, up by 1.69%.

Both the crude benchmarks were up by over 1% during today’s trade session. The fuel prices managed to gain during the last week following growing optimism over signs of economic recovery.

But the raging newly infected cases and stalled vaccination drives in parts of the world have capped the oil prices from marching up.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have revised the global fuel demand for 2021. Currently, the oil producers are expecting the oil demand to gain by 5.95 million barrels per day (bpd), up by 70,000 bpd from its previous month’s forecast. The OPEC and its allies are banking on the eased travel curbs and subsiding pandemic.

The data from the American Petroleum Institute (API), noted that the crude stocks declined by 3.6 million barrels during the week ending April 9, 2021, as against the Reuters analyst estimate of a fall of around 2.9 million barrels.

Traders are waiting to see if the data from the U.S. Energy Information Administration (EIA) will match the views of API. The data from EIA is due to be released later today.

14 April 2021
Petrol Prices Stable in New Delhi

The petrol prices are stable in New Delhi despite a rally in the fuel prices in the global markets as newly infected cases continues to surge. The petrol rates in New Delhi were spotted at Rs 90.56 per litre.

In the global scenario, Brent was seen at $63.83 per barrel, up by 1.40%; West Texas Intermediate (WTI) at $60.10 per barrel, up by 1.31%. 

The growing optimism over the revival of the U.S. economy has bolstered the crude rates to march up. But the mounting pandemic cases across the globe has halted the surge in its prices.

Both the U.S. crude rates gained over 1% during today’s trade session.

Over the last three weeks, the oil prices have remained rangebound. The crude benchmark – Brent was seen in the rangebound between $60 - $65 per barrel and WTI at $57 - $62 a barrel.

The surge in pandemic cases in India has led to the imposition of imminent lockdown in Maharashtra and stringent measures on movement in other states. Asia is also witnessing a rampant rise in the cases, leading to weak fuel demand.

Analysts note that the fuel prices are entering a consolidation phase after swinging wildly during the previous month.

The surprise rise in the pandemic cases in parts of the world and India has kept a tab on rallying fuel rates. India now accounts for one in every six daily infections globally as Asia is witnessing a surge in virus cases, leading to weak oil demand.

12 April 2021
Petrol Prices Unvaried in New Delhi

The petrol prices are unvaried in New Delhi despite the fall in the global crude rates as the supply outlook outweighs rising demand. The petrol rates in New Delhi recorded at Rs 90.56 per litre.

In the international platform, Brent was seen at $62.95 per barrel, down by 0.40%; West Texas Intermediate (WTI) at $59.32 per barrel, down by 0.47%.

Yesterday, the crude prices edged lower in rangebound trade on rising supplies from major producers as concerns grow over the future of fuel demand amidst mounting pandemic cases.

Both the U.S. contracts are on track to report a decline of 2% - 3% for this week, but it is still far from a low of hitting $60.47 a barrel, which it had touched before two weeks.

Recently the Organization of the Petroleum Exporting Countries (OPEC) and its member partners had decided to ease the output cuts starting from May through July. The increase will result in approximately 2 million barrels of crude getting added to the global crude supply.

On Friday, the energy services firm – Baker Hughes Co reported that the U.S. drillers have kept the number of oil rigs constant for this week, as analyst forecast more rigs were required to keep the production stable.

10 April 2021
Petrol Prices Constant in New Delhi

The petrol prices are constant in New Delhi following trends from the overseas markets as it remains a little unchanged as investors weigh on rising supplies. The petrol rates in New Delhi stood at Rs 90.56 per litre.

In the global scenario, Brent was seen at $63.10 per barrel; West Texas Intermediate (WTI) at $59.50 per barrel.

The oil prices were little changed on Friday supported by the weak dollar. Investors weighed on the rising supplies and the impact on the fuel demand amidst rallying pandemic cases.

A weak dollar makes crude cheaper for holders of other currencies, boosting the fuel prices to march up.

Both the U.S. crude contracts were on track as they posted a 2% - 3% decline this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to ease the output cuts starting from May.

Meanwhile, analysts expect that the global crude inventories will continue to drop as fuel demand accelerates during the second half of the year as the worldwide economic recovery gathers steam.

The reimposed lockdowns in some parts of the world despite vaccination rollout could alter the crude demand picture.

10 April 2021
Petrol Prices Stable in New Delhi

The petrol prices are stable in New Delhi despite a drop in the global crude rates amidst a surprise jump in the U.S. crude inventories. The petrol rates in New Delhi were recorded at Rs 90.56 per litre.

In the overseas platform, Brent was seen at $62.86 per barrel, down by 0.47%; West Texas Intermediate (WTI) at $59.32 per barrel, down by 0.75%.

Today, the fuel prices declined in the international markets owing to an unexpected rise in the U.S. crude inventories, weighing on the prices.

The United States of America holds the tag of the world’s biggest consumer of crude, but currently, the country’s fuel demand is declining when supplies across the globe are witnessing an increase.

The gasoline stocks in the U.S. jumped by 4 million barrels against the analyst expectations of a drop of just over 230 million barrels, as refiners ramped up production before the summer driving season.

The Department of Energy noted on Wednesday that the crude stocks in America slipped more than the analyst’s expectations, on the other hand, the gasoline inventories jumped sharply.

The signs of revival of the global economy had uplifted the crude prices over the last few days, cheering the oil markets. The robust economic data from the U.S. and China had boosted the oil demand.

8 April 2021
Petrol Prices Unchanged in New Delhi

The petrol prices are unchanged in New Delhi despite a drop in the global crude rates despite stronger global economic growth. The petrol prices in New Delhi were recorded at Rs 90.56 per litre.

In the global scenario, Brent was seen at $63.13 per barrel; West Texas Intermediate (WTI) at $59.72 per barrel.

During the earlier trade session, the fuel prices were trading in the positive territory uplifted by improving economic data. The International Monetary Fund (IMF) noted on Tuesday, that the unprecedented public spending to fight the pandemic crisis will push global growth to 6% during fiscal 2021, a rate not achieved since the 1970s.

But a possible rise in the U.S. fuel inventories and Iran talks has weighed on the oil prices.

The U.S. crude stocks fell by 2.6 million barrels for the week ending April 2, 2021, while the gasoline inventories jumped by 4.6 million barrels, as per the data from the American Petroleum Institute (API). Though, the official data is due to be released later today.

Meanwhile, Iran and world powers held constructive talks on Tuesday and agreed to form working groups to discuss the possibility of reviving the nuclear deal signed between the U.S. and Iran in 2015. The deal could lead Washington to lift the sanctions on Iran’s fuel supply and energy sector.

7 April 2021

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